Why the GFC didn't discredit supply-side economics
The 1980s policies that reversed the economic decline in the US, Britain, Australia and New Zealand still provide a basic guide for escaping the long shadow of today's pandemic crisis.
Not only did the 1980s supply-side revolution in the US, Britain, Australia and New Zealand reverse these nations’ secular economic decline, it still provides the basic road map for escaping the pandemic crisis of the early 2020s.
Neoliberal economics was not discredited by the global financial crisis of 2008-09, notwithstanding then prime minister Kevin Rudd’s attempt to define it as the end of a “30-year domination of economic policy that has been variously called neoliberalism, economic liberalism, economic fundamentalism, Thatcherism or the Washington Consensus”.
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The Australian Financial Review’s succinct take on the principles at stake in major domestic and global stories – and what policy makers should do about them.
